Bitmain Uses Confidential SEC Filing to Seek US IPO

Home » Bitmain Uses Confidential SEC Filing to Seek US IPO

Bitmain, a Bitcoin mining giant confidentially filed for an IPO (Initial Public Offering) with the U.S Securities and Exchange Commission.

The move was sponsored by the Deutsche Bank which saw the company filing with the SEC at the beginning of this week before a management shakeup that happened in October 29, which resulted in the ousting of Bitmain co-founder and Micree Ketuan Zhan who was the executive director.

The U.S securities regulator will put Bitmain under questioning first before being allowed to submit an F1. The F1 is a certificate required from foreign companies before they are listed in the U.S. securities markets. However, the amount of capital the firm is looking to raise through the public offering is not clear.

The U.S. IPO dream of Bitmain is followed by an attempt by the company to go public on the Hong Kong Stock Exchange (HKSE) back in 2018. The application of the mining giant was lapsed in March 2019 and was not re-filed. The company declined to comment on the lapsing of the application at the time.

Bitmain hired Zhen Hua who is a former Nasdaq representative and this is seen as a move to increase the chances of the firm to being listed in the U.S. Zhen Hua works as a consultant, according to Tencent News reports.

CoinDesk tried to reach out to Bitmain in order to confirm the news but they couldn’t get any response from a representative. The leadership shakeup effects on the listing process have not yet been seen. The HKSE listing attempt executive Zhan who departed held 36 percent stake in Bitmain Holdings which is the parent company of Beijing Bitmain Technology. Twenty percent of the firm is now owned by the co-founder and chairmen-of-the-board Jihan Wu.

The U.S. IPO plans of Bitmain have been seen alongside a notable investment in the region. The company was able to open a new mining plant in Rockdale, Texas, just earlier this month. The plant begins at 25 megawatts for dedicated Bitcoin mining and the converted aluminium smelter is estimated to have the potential of scaling up to 300 megawatts.

Two days ago, Canaan, a major miner manufacturing rival also filed for an IPO with the SEC. It is said that their offering prospectus is intended to list on NASDAQ under ticker symbol CAN. It has set a placeholder of about $400 million to be raised.


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